Cotton traded in a narrow range and spent most of the day near the highs but eventually as the stock market cooled off so did cotton. The USD remains firm and outside markets are mixed as oil and grains were higher today, but cotton looks to be stuck in the current trading range for N'10 but Z'10 is setting new highs each day. This is helping to narrow the invert and as long as cert stocks stay above 1 mbs it should continue.

Export sales tomorrow should be in line with the 4 week average to higher as good demand remains on dips and China did become more active last week. Turkey remains active as well for June/July shpt. Expect to see more sideways trading as we approach FND and as we wait for more info on new crop and the third quarter demand.